Ruane Sequoia Fund Q2 Activity: Major Buys & Sells in Tech, Financials

The Ruane, Cunniff & Goldfarb Sequoia Fund experienced substantial shifts in its portfolio during the second quarter of 2026. The fund's total value stood at $6.1 billion as of June 30th.

A key observation is that the fund has large buy transactions this period. Notably, it significantly increased its stake in ROP and SAP:

• ROPER TECHNOLOGIES INC (ROP): The fund acquired 674,902 shares at a value of $228 million.
• SAP SE (SAP): It purchased 1,236,546 shares worth approximately $190.6 million.

Conversely, the fund also recorded significant sell transactions:

• AMENTUM HOLDINGS INC (AMTM): Sold off 1,085,769 shares valued at $11.1 million.
• LIBERTY BROADBAND CORP (LBRDK): Shed 860,139 shares worth about $10.1 million.

These major moves reflect the fund's active management style and focus on specific opportunities:

• The purchase of ROP suggests confidence in its Technology sector exposure.
• The acquisition of SAP aligns with potential interest in software companies, also within the Technology space.
• Selling AMTM indicates a departure from this particular holding despite its previous inclusion.
• Exiting LBRDK shows a reduction or complete removal of an earlier position.

  Beyond these headline-grabbing transactions, other changes occurred:

  • The fund sold shares in LIBERTY BROADBAND CORP (LBRDA) and exited a small position in CHARTER COMMUNICATIONS INC (CHTR).
  • It also sold its entire stake in the very minor holding of CREDIT ACCEP CORP MICH (CACC).
  • The fund purchased shares in several other small positions, including SDHC, HGV, and BAC.

  The overall portfolio allocation remains dominated by Technology, Financial Services, and Communication Services sectors:

  • Communication Services: 27.81%
  • Financial Services: 22.32%
  • Technology: 17.93%
  • Healthcare: 20.9%

  This quarter's activity highlights the fund's focus on Technology and Financial Services, with notable additions to ROP and SAP.